This paper examines key issues for CFOs and CEOs in managing ERP systems in the new world of SOX, IFRS, Basle II. While most IT management attention seems to be on document retention, reporting quality, and security, there are broader issues to be considered toward ensuring good governance and compliance with regulations such as Sarbanes-Oxley, IFRS and Basle II.
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Act and Financial Services Authority regulations, as well as legislation such as the Data Protection Act, can all have a bearing on the IT department. Other standards such as BS7799 and the e-government interoperability framework can also apply. Stefan Foster, managing director of NCC, said: This is an alarming figure, indicating significant lapses in compliance and poor adoption of best practice. In the meantime, what are the practical measures that can be taken, and how can these be achieved within